The U.S. dollar continued its dramatic rise against the Sudanese pound, with the exchange rate climbing to 5,500 pounds per dollar, up from 4,600 pounds just a week ago.
The continued sharp depreciation of the Sudanese pound against foreign currencies has prompted some importing companies in Khartoum to suspend sales operations for fear of incurring substantial losses.
As the local currency collapsed against the U.S. dollar and other foreign currencies, consumer goods prices in Sudanese markets increased by approximately 35 percent over the past week.
According to traders in Omdurman Market, prices have been rising at an alarming rate in tandem with the dollar’s surge in the parallel market. At the same time, purchasing activity has declined by more than 25 percent due to the weakening purchasing power of consumers.
The deteriorating economic conditions have driven many traders to convert their savings into foreign currency and withdraw from the market altogether, as the current wave of inflation and soaring prices shows no signs of easing.
